cryptoglobe.com
A cryptocurrency whale has shifted their portfolio from a popular meme-inspired cryptocurrency that went up over 900% over the past year to bet on another memecoin, Shiba Inu ($SHIB).
On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE memecoin, a green frog-themed token that moved up exponentially over the past year.
The investor reportedly booked a $3.49 million gain and diversified their holdings into other cryptocurrencies after depositing nearly 2 trillion PEPE, worth over $6 million, onto leading cryptocurrency exchange Binance.
One notable allocation was into 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests the whale believes SHIB may offer more significant upside potential compared to PEPE.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.
— Lookonchain (@lookonchain) February 29, 2024
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
Notably, over the past year Shiba Inu’s price moved up by around 6% and significantly underperformed the $PEPE. The whale further extended their reach by investing roughly $4 million in prominent GameFi projects, including Decentraland (MANA), The Sandbox (SAND), and Gala Games (GALA).
As CryptoGlobe reported, Shiba Inu’s layer-2 scaling solution, Shibarium, has recently seen its number of daily transactions plunge from around 2.5 million transactions per day to 500,000 in a short-lived slowdown before the number of daily transactions rebounded to 2 million.
The network, it’s worth adding, currently has 1.35 million wallet addresses on it. Despite Shibarium’s growing adoption, the meme-inspired cryptocurrency’s price has failed to keep up with the wider cryptocurrency market.
Investors nevertheless appear to be betting on the meme-inspired cryptocurrency, with a prominent SHIB community members recently pointing out that data from Arkham Intelligence shows that the commission-free trading platform Robinhood (NASDAQ: HOOD) saw the amount of SHIB on its wallet grow significantly last month-